EARN Act Passed Through Senate
The EARN Act passed unanimously through the Senate. Along with the House bill, the legislation will help shape how we save for retirement.
The EARN Act passed unanimously through the Senate. Along with the House bill, the legislation will help shape how we save for retirement.
If you own a business and do not elect the entity, by default, you are a sole proprietorship and can establish a Solo 401()k plan.
The SECURE Act 2.0 contains some significant IRA and 401(k) changes, including new RMD age, expand and ‘Roth-ify’ Catch-up contributions, higher IRA catch-up contributions for those from age 62-65, and much more.
Solo 401(k) IRS Rules and guidelines refer to the prohibited transactions with disqualified persons and assets you cannot purchase with retirement funds.
The Solo 401(k) Employee Deferral Rules state that you can contribute up to $19,500 ($26,000 if age 50+) for 2021 in pre-tax or Roth.
What is UBTI? UBTI is defined as “gross income derived by any organization from any unrelated trade or business regularly carried on by it” reduced
Not sure how to report an IRA or 401(k) CARES Act Distribution? IRA Financial Group explains which form you need to fill out and include when you file taxes.
The Employer Profit Sharing Contribution rules can be tricky, however, there are ways to maximize your Solo 401(k) contributions.
You can perform a 401(k) to IRA rollover, however, under the spirit of the CARES Act, money distributed from a 401(k) should not be rolled to an IRA.
The 990-T Deadline has been pushed back to July 15. This form is filed for those that have UBTI tax from their Self-Directed IRA or Solo 401(k).
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